Vnet Group Reports Strong Q2 Earnings with Revenue Growth Driven by Wholesale Business Expansion
Vnet Group (NASDAQ: VNET) reported strong second-quarter results for fiscal year 2026, driven primarily by robust growth in its wholesale business. Total net revenues reached RMB 2.78 billion, a 14.2% increase from the prior year, with wholesale IDC revenue rising 29.3% to account for nearly 40% of total sales. The company also achieved key milestones such as exceeding one gigawatt in wholesale capacity and securing significant new orders, including a large deal with a major cloud service provider. Adjusted EBITDA grew by 25.4% year-over-year to RMB 918.3 million, while adjusted net income turned positive at RMB 7.4 million after reporting a loss in the prior period. Vnet also announced strategic cooperation with CATL and outlined plans for future capacity expansion through substantial capital expenditures. The company remains optimistic about its growth trajectory amid rising demand from AI-related high-performance computing infrastructure. Despite these gains, management highlighted challenges including power availability constraints and supply chain issues affecting compute capacity deployment.
Tickers: $VNET
Topics: adjusted_ebitda capacity_utilization growth revenue wholesale_business